In recent studies, numerous anomalies against the weak and semi-strong-forms of efficient market hypothesis have been found insignificant after controlling the small-firm effect. We investigate whether the insider trading anomaly, a major anomaly against the strong-form of EMH, can survive after excluding small firms with a novel data set and document several new findings. We find a substantially larger number of insider purchases than sales, while the average volume of insider sales is much higher than the average volume of insider (...) purchases. Echoing recent US studies, we find that insider sales generate more abnormal returns than insider purchases do. We find much lower abnormal returns from insider trading than documented in the literature and the associated trading costs, which suggests that the market efficiency of individual stocks may depend on their sizes, and even the strong-form of EMH holds to a larger extent than previously recognized. (shrink)

Firms are central to wealth creation and distribution, but their role in economic inequality in a society remains poorly studied. In this essay, we define and distinguish value distribution from value creation and value appropriation. We identify four value distribution mechanisms that firms engage in and argue that shareholder wealth maximization approach skews the value distribution toward shareholders and top executives, which in turn contributes to rising economic inequalities around the world. We call on organizational scholars to study the value (...) distribution role of firms and its consequences for society, and introduce the articles in this volume of the special issue on economic inequality, business, and society. (shrink)

Heritability estimates obtained from genome-wide association studies are much lower than those of traditional quantitative methods. This phenomenon has been called the “missing heritability problem.” By analyzing and comparing GWAS and traditional quantitative methods, we first show that the estimates obtained from the latter involve some terms other than additive genetic variance, while the estimates from the former do not. Second, GWAS, when used to estimate heritability, do not take into account additive epigenetic factors transmitted across generations, while traditional quantitative (...) methods do. Given these two points we show that the missing heritability problem can largely be dissolved. (shrink)

The present expression of radiation of an accelerated point charge is only approximately valid. The exact expression of radiation of an accelerated point charge is derived based on special relativity, and using the Larmor formulation for the radiation of an charged particle being accelerated, but instantaneously at rest. The totaled radiation power obtained by the exact expression is the same as Liénard’s generalization of the Larmor formula.

Conflicts in land exploration are incisive social problems which have been the subject in many studies. Risk assessment of land conflicts is effective to resolve such problems. Specifically, fuzzy mathematics and the analytic hierarchy process were combined together to evaluate risk in land conflicts in our work, which is proved useful to solve uncertainty and imprecision problems. Based on the analysis of the principles for the risk assessment of a land conflicts index system, a set of risk assessment indexes using (...) the fuzzy analytic hierarchy process was presented. The results show that the overall risk is at medium level, and the risk of the feasibility index and controllability index need to be paid more attention to. The contribution of this article is reflected in two aspects: the application of FAHP in risk assessments of land conflicts is effective and valid; it is helpful for governments to establish a stricter management system of work safety for conflicts in land exploration based on the risk assessment results. (shrink)

This meta-analysis examines the relationship between materialism and subjective wellbeing in the Chinese population. Fifty-six relevant studies covering the period from 1998 to 2022 were included in the meta-analysis. Fifty-eight independent effect sizes from a total of 52,368 participants were obtained to calculate the mean effect sizes. Materialistic values correlated with significantly lower subjective wellbeing, while the mean effect size for extrinsic aspirations was found to be not significant. The effect sizes varied across different types of wellbeing outcomes. The associations (...) were also moderated by certain demographic factors, methodological factors, publication features, and economic indicators. We discuss our limitations and the implications for future research. (shrink)

This study adopts qualitative research methods, and the research texts are three Zhang Yimou films that reflect the history and social culture of the Republic of China, namely Red Sorghum, Ju Dou, and Raise the Red Lantern, also known as the Red Trilogy. This study explores the phenomenon of consuming history through the art form of films. The study finds that history is not only concerned and used by historians and archaeologists but can also be used by artists and consumed (...) by the audience. The consumption (use) of history by artists and audiences is not consuming its complete authentic history. In Zhang Yimou's Red trilogy films, the history and social culture of the Republic of China are arranged and designed. The audience can get a feeling that goes straight to the heart by watching these artfully processed. Re-made history, which is different from the historical knowledge read through words in history books, this kind of consumption is more intuitive, attractive, and acceptable to the audience. By watching these films, the audience colloquially learns about history, and although it is not a serious and complete history, it gains cultural value just as much. (shrink)

The essays collected in this special issue address a common concern related to the translatability of cultures and, in particular, the translatability of Chinese culture into the European culture....

It has been widely assumed and proven that a firm’s research and development investment is limited if the availability of cash flow is constrained. The purpose of this study is to verify the opposite proposition: whether firms invest heavily in R&D when more cash flow is available. This paper discusses the heterogeneous relationship between cash flow from different sources and the R&D investment of firms. The study divides the firm’s cash flow into three categories according to the business activities that (...) generate firm finance: cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities. On this basis, a dynamic R&D investment model is constructed, and the relevant data for Chinese listed firms are used for the empirical research. The study finds that Chinese listed firms do not necessarily spend more cash on R&D investment, even if the availability of cash flow is not constrained. For young firms, CFO and CFI do not significantly correlate with R&D investment, and CFF significantly negatively correlates with R&D investment. For mature firms, the correlations between cash flow generated from different activities and R&D investment are nonsignificant. (shrink)

Objective: Based on how the identity of doctoral students is recognized and understood in the context of Chinese culture, we developed a doctoral identity scale using both qualitative and quantitative analyses.Methods: The initial project of the Scale was formed through qualitative analyses and expert consultation. Nine hundred and ninety-one doctoral students were officially tested, and 982 valid questionnaires were obtained. They were randomly divided into two parts, and 491 of which were assessed for item Response Theory and exploratory factor analysis (...) and 491 of which were assessed for confirmatory factor analysis. The Subjective Well-Being Scale, the Rosenberg Self-Esteem Scale, and the Psychological Sense of School Membership Scale were used to test its the criterion-related validity. One hundred and forty-one students were selected for retesting after 8 weeks.Results: The doctoral student identity questionnaire consisted of two factors identity exploration and identity commitment, explaining 57% of the total variance. The results of CFA showed that the two-factor model fitted the data well. The two dimensions of the Doctoral Student Identity Scale were significantly and positively correlated with the two dimensions of the SWB scale, the latent factor of the RSE scale, and the latent factor of the PSSM scale. Composite reliability values for exploration and commitment were 0.79 and 0.83 respectively, and the values of McDonald’s omega for exploration and commitment were 0.81 and 0.85 respectively. The test-retest reliability of the total questionnaire was 0.842.Conclusion: The Doctoral Student Identity Scale was developed with good reliability and validity, and can be used as a reliable tool for measuring the doctoral student identity. In addition, the questionnaire will provide corresponding ideas and methods for studying the identity issues of specific groups. (shrink)

It is believed in many studies that the servitization of manufactures is driven by internal economy, but the situation in China may be somewhat different. In this study, we consider the influence of external institutional environment on manufacturers’ servitization and the final performance, and discuss the moderating effect of organizational identity orientation on firms’ response to external institutional pressures. We conduct a survey where we collect responses from 312 manufacturers in China. Regression analyses are performed to test whether institutional pressures (...) coming from the external institutional environment have a positive effect on the level of manufacturing servitization or not. Moreover, we study if this positive effect is moderated by the individualistic identity orientation and the relational identity orientation. We also examine the impact of servitization strategy on manufacture’s market performance and financial performances. Furthermore, we separate out the influences comes from institutional pressures by using a new estimated method and try to explain the cause of “servitization paradox.” Our study is innovative in that it bridges the servitization and institutional theory, and provides practical guidance for the adoption of manufacturing servitization strategy. (shrink)

The fuzzy clustering algorithm has been widely used in the research area and production and life. However, the conventional fuzzy algorithms have a disadvantage of high computational complexity. This article proposes an improved fuzzy C-means algorithm based on K-means and principle of granularity. This algorithm is aiming at solving the problems of optimal number of clusters and sensitivity to the data initialization in the conventional FCM methods. The initialization stage of the K-medoid cluster, which is different from others, has a (...) strong representation and is capable of detecting data with different sizes. Meanwhile, through the combination of the granular computing and FCM, the optimal number of clusters is obtained by choosing accurate validity functions. Finally, the detailed clustering process of the proposed algorithm is presented, and its performance is validated by simulation tests. The test results show that the proposed improved FCM algorithm has enhanced clustering performance in the computational complexity, running time, cluster effectiveness compared with the existing FCM algorithms. (shrink)

The issue of left-behind children has become a key focus in China. In this study, we investigate the mediating role of social support between social anxiety and the subjective quality of life among left-behind children in China. A total of 710 junior high school students were recruited using clustering random sampling from five middle schools in China and investigated using the Social Anxiety Scale for Children, Social Support Rating Scale for Adolescents, and Inventory of Subjective Life Quality. The results show (...) that social anxiety is negatively associated with social support and subjective quality of life, and social support is positively correlated with subjective quality of life. In addition, social support partially mediates the relationship between social anxiety and subjective quality of life. In conclusion, these findings provide new insights to improve the subjective quality of life of left-behind children. The focus should be on alleviating social anxiety and increasing social support in order to help left-behind children improve their subjective quality of life. (shrink)

Access to urban green space is associated with the enhancement of health and disparities in access generate issues of spatial equity and socioenvironmental justice. The aim of this study is to measure spatial accessibility and investigate access disparities to UGSs in urban areas of Harbin, China. A Gaussian-based two-step floating catchment area method and spatial autocorrelation analysis were used to measure the accessibility and evaluate its distribution patterns in residential tracts. Bivariate correlation was employed to examine the statistical relations between (...) demographic characteristics of residential tracts and green space access. The results show that most residential tracts have minimal green space access within walking distance, while a few have limited access within cycling distance. Additionally, spatial disparities were found with low-accessibility tracts clustering in the center of the city, while high-accessibility tracts were located in northern and southern suburbs. Demographic disparities were also identified in the study: females have less access to UGS than males, areas with a high birth rate generally have more access, and population density is negatively associated with UGS access. The findings not only indicate that Harbin has an uneven distribution and disproportionate provision of UGS for urban residents but also identify which areas and population groups within the city are disadvantaged in access to UGS and thus provide suggestions for future construction and provision of UGS. (shrink)

Some previous studies have explored the impact of family function on school belonging. However, little is known about the parallel mediating relationship underlying them. This study aims to investigate the formation mechanism of school beginning in a sample of Chinese adolescents and examined the parallel mediating role of interpersonal self-support and individual self-support in the link between family function and school belonging. A cross-sectional study was conducted in four schools of the district of Hunan province in China, and 741 students (...) were surveyed using cluster sampling. Family cohesion and adaptability scale (FACES), Adolescent students self-supporting personality scale (SSPS-AS), School belonging scale were applied. The results indicated that interpersonal self-support and individual self-support, together, and uniquely, parallel mediated the relationship between family function and school belonging. It can be concluded that family function not only has direct effects on school belonging but also has indirect effects through interpersonal self-support and individual self-support. (shrink)

In this first original collection of essays on Catholic Biblical Ethics ever done in English, renowned Jesuit moral theologian James Keenan brings together distinct voices from numerous cultures and language groups. The result is a volume representing a truly global community of Catholic ethics scholars. The Bible and Catholic Theological Ethics deepens contemporary understandings of the relationship between the Holy Bible and the world of Catholic ethical reflection. Like the four other books in the prestigious CTEWC Series, this volume aims (...) at offering a more systematic, comprehensive, and global perspective than typical Anglo-centric or North American-focused offerings. (shrink)

Hydromechanical continuously variable transmission is capable of bearing large torque and has wide transmission range, which is suitable for high-power tractors. Dynamic characteristics could influence the tractor life, especially in a high-power tractor. Wet clutch is the crucial component in the HMCVT, which could smooth and soft power transmission. Therefore, it is important to study the dynamic characteristics and implement the wet clutch test of HMCVT. In this paper, AMESim is used to establish virtual models of gearbox, pump-controlled hydraulic motor (...) system, and shifting hydraulic system. Then, a simulation study of tractor operation under working condition is carried out. The internal and external meshing forces of the planetary row are analyzed. Finally, the wet clutch engagement process of HMCVT in the high-power tractor is tested to verify the oil pressure. The simulation results show that the values of internal and external meshing force become larger as the throttle opening increases. At the moment of shifting change, the meshing forces of the planetary gear have great impact. The clutch test shows that the trend of the oil filling curve obtained from the bench test is similar to that obtained from the theoretical curve, which verifies the simulation results. (shrink)

Accurate short-term traffic flow modeling is an essential prerequisite to analyze and control traffic flow. Canonical data-driven methods are a large account of parameters that may be underfitted with limited training samples, yet they cannot adaptively boost their understanding of the spatiotemporal dependencies of the traffic flow. The noisy and unstable traffic flow data also prevent the models from effectively learning the underlying patterns for forecasting future traffic flow. To address these issues, we propose an easy-to-implement yet effective boosting model (...) based on extreme gradient boosting and enhance it by wavelet denoising for short-term traffic flow forecasting. The discrete wavelet denoising is employed to preprocess the noisy traffic flow data. Then, the denoised training datasets are reconstructed to train the extreme gradient boosting model. These two components are integrated seamlessly in a unified framework, and the whole framework can retain the features in the data as much as possible. Our model can precisely capture the hidden spatial dependency in the data. Extensive experiments are conducted on four benchmark datasets compared with frequently used models. The results demonstrate that the proposed model can precisely capture the hidden spatial dependency of the traffic flow data and achieve superior performance. (shrink)

Quotations from Lu Xun's criticism of Confucianism.